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Confidential Broker Opinion of Value
11315 Tiara Street
North Hollywood, California 91601
3+1Units
4,350Square Feet
1926/2005Year Built
7,000 SFLot Size
Logan Ward
Logan Ward
Associate
Glen Scher
Glen Scher
SMDI
Filip Niculete
Filip Niculete
SMDI

Prepared Exclusively for Valued Client

February 2026

Team Track Record
LA Apartment Advisors at Marcus & Millichap
LAAA Team of Marcus & MillichapExpertise, Execution, Excellence.
501Closed Transactions
$1.6BTotal Sales Volume
5,000+Units Sold
34Median DOM
LAAA Closings Map

"We Didn't Invent Great Service... We Just Set the Standard."

The LAAA Team at Marcus & Millichap is one of Southern California's most active multifamily investment sales teams, ranked #1 in Los Angeles County and #4 in all of California by CoStar for multifamily transaction volume (2019-2021). With over 500 closed transactions totaling $1.6 billion in sales, the team brings institutional-grade market knowledge to every engagement.

The LAAA Team maintains a proprietary database of over 40,000 apartment investors and 10,000 cooperating brokers, enabling targeted buyer outreach that consistently produces competitive offers and above-market pricing. The team's integration of Marcus & Millichap's national platform provides sellers access to the firm's 1031 exchange network, institutional buyer relationships, and real-time market intelligence across 80+ offices nationwide.

Our Team
#1 Most Active Multifamily Sales Team in LA County
CoStar • 2019, 2020, 2021 • #4 in California
Glen Scher
Glen Scher
Senior Managing Director Investments
Glen Scher is a Senior Managing Director Investments and co-founder of the LAAA Team at Marcus & Millichap. With over 450 transactions and $1.4 billion in closed sales, Glen is one of the most active multifamily brokers in Los Angeles County. A former Division I golfer at UC Santa Barbara, Glen brings the same discipline and competitive focus to his brokerage practice, consistently closing 40+ deals per year.
Filip Niculete
Filip Niculete
Senior Managing Director Investments
Filip Niculete is a Senior Managing Director Investments and co-founder of the LAAA Team at Marcus & Millichap. A 15-year veteran of the firm, Filip has closed over $1.4 billion in multifamily transactions and is recognized as one of Southern California's top commercial real estate professionals. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University.
Logan Ward
Logan Ward
Associate
Aida Memary Scher
Aida Memary Scher
Senior Associate
Morgan Wetmore
Morgan Wetmore
Associate
Luka Leader
Luka Leader
Associate
Jason Mandel
Jason Mandel
Associate
Alexandro Tapia
Alexandro Tapia
Associate Investments
Blake Lewitt
Blake Lewitt
Associate Investments
Mike Palade
Mike Palade
Agent Assistant
Tony Dang
Tony Dang
Operations Manager
Key Achievements

#1 Most Active Multifamily Team in LA County (2019-2021, CoStar)
#4 in California for multifamily transaction volume (2019-2021, CoStar)
40,000+ Investor Database with targeted outreach capabilities
34 Median Days on Market - consistently outperforming market averages
Chairman's Club Recognition - Marcus & Millichap's a top-tier annual honor
Record-Setting Sales - Highest price achieved for a 4-unit in North Hollywood 91605

As Featured In
Our Marketing Approach & Results
Data-Driven Marketing + Proven Performance
30K+Email Recipients
10K+Listing Views
3.7Avg Offers Received
18Days to Escrow
"We are PROACTIVE marketers, not reactive. Every listing receives a custom marketing campaign targeting qualified buyers in our database of 40,000+ apartment investors."

Direct Phone Outreach

  • 40,000+ investor database
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  • Targeted by geography, size, price

Email Campaigns

  • 30,000+ targeted recipients
  • Custom property brochure
  • Follow-up sequences

Online Platforms

  • MarcusMillichap.com (2M+ monthly)
  • CoStar / LoopNet / Crexi
  • Custom property website

Additional Channels

  • 1031 exchange network
  • Institutional relationships
  • Local broker community
97.6%Sale/List Price Ratio
21%Sold Above Ask
10-DayAvg Contingency
61%1031 Exchange

Pricing Accuracy

  • 97.6% sale-to-list price ratio
  • 21% of listings sold above asking
  • Data-driven pricing methodology

Marketing Speed

  • 18 days average to escrow
  • 34 median days on market
  • Immediate buyer outreach upon listing

Contract Strength

  • 10-day average contingency period
  • Pre-qualified buyer pool
  • 98% close rate on executed contracts

Exchange Expertise

  • 61% of transactions involve 1031
  • National exchange network
  • Coordinated timing and identification
Advertised OnCREXICOSTARLOOPNETREALTOR.COMZILLOWAPARTMENTS.COMREDFINM&MMLS
Investment Overview
Renovated Triplex + JADU - Transit-Oriented North Hollywood
3+1Units
4,350Building SF
7,000 SFLot Size
1926/2005Year Built

The LAAA Team is pleased to present 11315 Tiara Street, a fully renovated triplex with a junior accessory dwelling unit in the heart of Mid-Town North Hollywood. The property consists of three spacious 3-bedroom/2-bathroom units and one 1-bedroom/1-bathroom JADU, totaling approximately 4,350 square feet of living space on a 7,000-square-foot lot. Originally constructed in 1926 with additions in 2005, the property underwent a comprehensive renovation in 2024-2025 that included new electrical (400-amp panel with 3 meters), new plumbing, 13 mini-split HVAC units, and complete interior remodeling - effectively delivering new-construction systems in an established residential setting.

The property generates $184,800 in annual gross scheduled rent at full occupancy, with three-bedroom units commanding $4,200-$4,400 per month and the furnished JADU at $2,500 per month. At the offered price of $2,350,000, the property delivers a GRM of 12.7 against a comparable sales average of 15.0, meaning a buyer acquires significantly more income per dollar invested than recent comparable transactions in the area.

North Hollywood's Mid-Town corridor is positioned for material appreciation driven by District NoHo, a $1 billion-plus Metro joint development delivering 1,500 residential units and 500,000 square feet of office space at the North Hollywood Metro B Line station, less than one mile from the property.

11315 Tiara St

Investment Highlights

  • $184,800 Annual Gross Rent - buyer-normalized GSR at full occupancy with all four units at current/market rents
  • All New Systems - 400A electrical panel, 13 mini-splits, new plumbing, 3 separate meters; 6 finaled permits (2024-2025)
  • GRM of 12.7 at List - 15% below comparable sales average GRM of 15.0; buyer acquires more income per dollar than any recent comp
  • Transit Priority Area - 0.7 miles to Metro B Line North Hollywood Station; Walk Score 79; District NoHo $1B+ development catalyst
  • TOC Tier 1 + LARD2 Zoning - density bonus eligible for future redevelopment
  • Turnkey Operation - C2 condition rating; no soft-story requirement; 4 parking spaces; no deferred maintenance
Location Overview
Mid-Town North Hollywood - 91601

Ideally positioned in Mid-Town North Hollywood, 11315 Tiara Street offers residents direct access to one of the San Fernando Valley's most dynamic and rapidly evolving submarkets. The property benefits from a Walk Score of 79 (Very Walkable) and a Transit Score of 59 (Good Transit), with the Metro B Line (Red) North Hollywood Station located approximately 0.7 miles away, providing direct subway service to Hollywood, Downtown Los Angeles, and beyond. The neighborhood is anchored by NoHo West, a premier retail destination featuring Trader Joe's, LA Fitness, and Regal Cinemas, while the celebrated NoHo Arts District sits less than one mile to the east.

North Hollywood is poised for transformative growth. District NoHo, a $1 billion-plus Metro joint development at the North Hollywood Station, will deliver 1,500 new residential units, 500,000 square feet of creative office space, and 100,000 square feet of neighborhood-serving retail. This is the largest residential transit-oriented development project in Metro's history, and its construction signals a powerful trajectory for property values across the submarket.

Proximity to major freeways (170, 101, 134) and employment centers in Burbank, Studio City, and greater Los Angeles solidifies the location's appeal to a broad renter demographic. The property sits within a Transit Priority Area and a State Enterprise Zone, dual designations that provide density bonus eligibility and potential tax incentives for qualified buyers.

Location Details
Walk Score79 (Very Walkable)
Transit Score59 (Good Transit)
Bike Score58 (Bikeable)
Nearest MetroB Line - North Hollywood, ~0.7 mi
Nearest Freeways170 (0.5 mi), 101 (1.5 mi)
Major RetailNoHo West (Trader Joe's), 0.8 mi
Arts & EntertainmentNoHo Arts District, <1 mi
Major EmployersBurbank Media (3 mi), Universal (4 mi)
DevelopmentDistrict NoHo - $1B+, 1,500 units
Community PlanNorth Hollywood - Valley Village
Property Details
11315 Tiara St, North Hollywood, CA 91601
Property Overview
Address11315 Tiara St, North Hollywood 91601
APN2337-010-017
Year Built1926 (Unit 1); 2005 (Units 2-4)
Building SF4,350 (seller) / 4,243 (appraiser)
Lot Size7,000 SF (50 x 140)
Stories2
ConstructionWood frame, stucco, asphalt shingle
ConditionC2 (Good) - full renovation 2024-2025
Site & Zoning
ZoningLARD2 (Low-Medium II Residential)
TOC TierTier 1
Transit Priority AreaYes
Community PlanNorth Hollywood - Valley Village
Parking4 spaces (concrete driveway)
FEMA Flood ZoneZone C (minimal hazard)
Building Systems
Electrical400A panel, 3 meters (new 2025)
HVAC13 ductless mini-splits (new 2024) + FAU/CAC
PlumbingFull TI (finaled 2024)
Lighting80 receptacles, 68 lights, 22 circuits
Ventilation7 bath fans, 3 kitchen hoods, 4 dryer vents
Water HeatersIndividual units
Metering3 electric, 3 gas (Units 3 & 4 share elec)
Regulatory & Compliance
Rent Control (RSO)Yes - 4% max annual increase
Soft-Story RetrofitNot required
Permits6 finaled (2024-2025)
Certificate of Occupancy1 on file
Transaction History
Ownership & Sale Record
DateEventPriceNotes
04/2022MLS Listing (Expired)$1,200,000 listOrig $1,299,000; 81 DOM; pre-renovation; Section 8 at $936-$958/mo
07/2022MLS Listing (Canceled)$1,050,000 listOrig $1,150,000; 158 DOM; same condition
10/2023Sale$1,000,000Acquired as unrenovated triplex by current owner
2024-2025RenovationEst. $300K-$500KFull gut renovation: electrical, plumbing, HVAC, finishes; 6 permits
08/2025Appraisal$2,350,000Chase appraisal; sales comparison approach
10/2025Refinance$1,400,000 loanRocket Mortgage; 30-yr conventional; ~60% LTV

The property's transaction history illustrates a clear value-creation story. The previous owners listed the property twice in 2022 without attracting a buyer. At that time, the building housed Section 8 tenants paying $936-$958 per month in a physically dated condition. The property sold to the current owner in October 2023 for $1,000,000. Following acquisition, the owner undertook a comprehensive renovation that effectively rebuilt the property from the studs out. The renovation transformed monthly rental income from approximately $2,900 (pre-renovation) to $15,400 at full occupancy - a 5.3x increase. In August 2025, Chase appraised the property at $2,350,000.

Buyer Profile & Anticipated Objections
Target Investors & Data-Backed Responses
Target Buyer Profile
  • Owner-users - occupy one unit and rent the remaining three, benefiting from favorable residential financing (80-85% LTV)
  • Small-portfolio investors - building a Fannie/Freddie-eligible residential rental portfolio with 30-year fixed-rate financing
  • Mid-term rental operators - leveraging the furnished JADU and utilities-included strategy for premium rents
  • 1031 exchange buyers - deploying capital into a stabilized, recently renovated asset with minimal near-term CapEx

Broad appeal across buyer segments supports competitive pricing and multiple offer scenarios.

Anticipated Buyer Objections

"No MLS closed sales above $1.55M for a 3-4 unit here. How do you justify $2.35M?"

The MLS comp set is dominated by unrenovated and distressed properties with rents of $900-$3,100/mo. The subject generates $15,400/mo - more than double the best MLS comp. Three appraiser-selected renovated 4-unit comps traded at $2.525M-$2.9M. At $2.35M, the subject's GRM of 12.7 is 15% below the renovated comp average of 15.0.

"The JADU is unpermitted. Why should I pay for a 4th unit?"

The JADU's $2,500 monthly rent is 16% of total gross income. Under AB 2533 (effective January 2025), California provides clear legalization pathways. Even excluding Unit 4 entirely, the three remaining units generate $12,900/mo ($154,800 annually), supporting a price above $1.9M.

"All utilities are landlord-paid. What does that cost?"

Estimated annual utility burden is approximately $13,900. This is fully reflected in the underwriting (total expenses of $45,926). The utilities-included strategy supports premium rents: subject 3-bedrooms at $4,200-$4,400 vs. comparable units without utilities at $3,400-$3,900.

"Property taxes will be reassessed at purchase. How does that affect returns?"

At $2.35M, annual taxes increase from $12,714 to approximately $27,495 (+$14,781/yr). Even with reassessed taxes, the property generates NOI of approximately $118,500, representing a 5.04% cap rate - competitive for a fully renovated, transit-adjacent residential asset in Los Angeles.

11315 Tiara St
Comparable Sales Analysis
Closed Sales - North Hollywood

Interactive map available at the live URL.

#AddressUnitsYearSFPrice$/Unit$/SFGRMSoldDOMNotes
111415 Miranda St419634,164$1,550,000$387,500$37216.5x03/202572Renovated; quartz, mini-splits, W/D
25626 Willowcrest Ave4--5,815$2,525,000$631,250$43414.7x04/202521C2 condition; appraisal comp
35648 Auckland Ave4--5,299$2,650,000$662,500$50015.0x03/202421C2; 8-car garage; appraisal comp
45508 Camellia Ave4--5,632$2,900,000$725,000$51515.2x12/202411Highest rent ($15,925/mo); appraisal comp
511320 Emelita St319232,502$970,000$323,333$38812.9x08/202520Probate; pre-renovation baseline
66003 Cahuenga Blvd419563,420$1,250,000$312,500$36520.9x07/2025116Maintained, not renovated; 116 DOM

Individual Comp Analysis

Subject metrics at $2,350,000: $587,500/unit | $540/SF | 12.7x GRM

1. 11415 Miranda St ($1,550,000) - $387,500/unit | $372/SF | 16.5x GRM
The most directly comparable MLS closed sale. Miranda is a renovated 4-unit property with modern finishes including quartz countertops, ductless split HVAC, and tankless water heaters. At 4,164 SF, it is similar in size to the subject. However, Miranda's actual monthly rent of $7,845 is roughly half the subject's $15,400. The subject's substantially higher income supports a significant premium. Miranda establishes the floor for renovated properties at $387,500 per unit.

2. 5626 Willowcrest Ave ($2,525,000) - $631,250/unit | $434/SF | 14.7x GRM
A renovated 4-unit property rated C2 (Good) by the appraiser, comparable to the subject's condition. Willowcrest generated $14,300 per month at sale - closely aligned with the subject's income. The key difference is building size: Willowcrest's 5,815 SF exceeds the subject by approximately 1,465 SF, accounting for its higher total price. At $434/SF, Willowcrest provides a relevant $/SF benchmark.

3. 5648 Auckland Ave ($2,650,000) - $662,500/unit | $500/SF | 15.0x GRM
Another renovated 4-unit rated C2. Auckland features all 3-bedroom/3-bathroom units and an 8-car garage - superior parking to the subject's 4-space driveway. Sold in March 2024, making it the oldest sale at 23 months. Its $500/SF and $662,500/unit provide context for the upper range of the market.

4. 5508 Camellia Ave ($2,900,000) - $725,000/unit | $515/SF | 15.2x GRM
The highest-priced comp and closest match in rent level. Camellia's $15,925/mo is remarkably close to the subject's $15,400. Sold in only 11 days, indicating strong buyer demand. Camellia is larger at 5,632 SF with 4- and 5-bedroom configurations, partially accounting for the higher total price. Establishes the $/SF ceiling at $515.

5. 11320 Emelita St ($970,000) - Baseline Reference
One block from the subject with identical LARD2 zoning and similar lot size. Sold in probate with rents of $6,265/mo. Illustrates the value created by renovation - transforming a similar property from the $970K unrenovated tier to the $2.35M renovated tier.

6. 6003 Cahuenga Blvd ($1,250,000) - Maintained Reference
A well-maintained but unrenovated 4-unit on a commercial boulevard. At 116 DOM and $312,500/unit, demonstrates the pricing gap between maintained and fully renovated properties.

On-Market Comparables
Currently Listed for Sale

Interactive map available at the live URL.

#AddressUnitsYearSFList Price$/Unit$/SFDOMNotes
15841 Tujunga Ave41941--$1,250,000$312,500--166NOD filed; AS-IS; 166 DOM
25622 Willowcrest Ave4--5100$2,595,000$648,750$50982C1 (superior); appraisal active listing

The current on-market inventory for renovated 3-4 unit properties in North Hollywood is extremely thin, with only two active listings identified. 5841 Tujunga Avenue is listed at $1,250,000 but carries significant red flags: a Notice of Default, 166 days on market, and no financial information. This listing does not represent a competitive threat.

5622 Willowcrest Avenue is listed at $2,595,000 for a 4-unit property rated C1 (superior condition). At $648,750/unit with 82 DOM, this provides a relevant pricing benchmark for the upper end. The subject at $2,350,000 ($587,500/unit) is priced 9.4% below the Willowcrest listing, offering buyers a compelling alternative at a lower entry point. The limited active supply works in the seller's favor.

Rent Comparable Analysis
3-Bedroom / 2-Bathroom & JADU Comparables

Interactive map available at the live URL.

3-Bedroom / 2-Bathroom Comps (Subject Units 1-3)

#AddressRentSF$/SFSourceFeatures
16047 Tujunga Ave$4,1001,400$2.93ZillowRenovated, W/D, 2-car garage
25200 Cartwright Ave$4,6001,600$2.88ZillowRenovated 1923, central AC
310652 Landale St$4,2001,500$2.80ZillowUpdated, W/D, garage
45303 Hermitage Ave$3,695----Apartments.comRenovated, granite, W/D
511456 Oxnard St$3,3951,450$2.34Apartments.comBasic, no AC, no parking
64901 Laurel Canyon Blvd$3,2001,000$3.20Apartments.comSmaller unit, older building
Average$3,865

1-Bedroom / 1-Bathroom Comps (JADU)

#AddressRentSF$/SFSourceNotes
J110744 Blix St$2,095600$3.49ZillowBasic, older building
J25309 Hermitage Ave$2,250750$3.00Apartments.comUpdated, gated parking
J35303 Hermitage Ave$2,395----Apartments.comRenovated, granite
J411100 Hartsook St$2,455----Apartments.comRenovated, A/C, parking
Unfurnished Avg$2,299Furnished range: $2,500-$3,000

The subject's current rents of $4,200-$4,400 for the 3-bedroom units are supported by comparable asking rents ranging from $3,200 to $4,600 with an average of $3,865. The subject's rents sit above average, justified by the fully renovated condition, all-new building systems, and the utilities-included strategy that adds an estimated $150-$200 per month in perceived value per unit. The JADU at $2,500/month operates as a furnished mid-term rental, capturing a meaningful premium over the unfurnished 1-bedroom average of $2,299.

Important caveats: All rent comps reflect asking rents, not verified achieved rents. Actual rents may be 2-5% below asking. RSO limits annual increases to 4% for in-place tenants, but vacancy decontrol allows market reset at turnover.

Financial Analysis
Investment Underwriting

Unit Mix & Rent Roll

UnitTypeSFRent/MoRent/SFStatusNotes
13BR/2BA1,350$4,400$3.26OccupiedRenovated 1926 structure
23BR/2BA1,300$4,200$3.23VacantBuilt 2005; market rent
33BR/2BA1,150$4,300$3.74OccupiedBuilt 2005; 2nd floor
4 (JADU)1BR/1BA550$2,500$4.55OccupiedFurnished midterm rental
Total4,350$15,400$3.54$184,800/yr

Operating Statement

IncomeAnnualPer Unit% EGI
Gross Scheduled Rent (Market GSR)$184,800$46,200--
Less: Vacancy & Credit Loss (3%)-$5,544-$1,386--
Effective Gross Income$179,256$44,814100%
ExpensesAnnualPer Unit% EGI
Property Taxes [1]$27,495$6,87415.3%
Insurance [2]$4,000$1,0002.2%
Water / Sewer [3]$4,800$1,2002.7%
Trash [4]$1,600$4000.9%
Gas [5]$2,400$6001.3%
Electric [6]$3,600$9002.0%
Common Area Electric [7]$1,500$3750.8%
Repairs & Maintenance [8]$4,400$1,1002.5%
Contract Services [9]$1,500$3750.8%
Administrative [10]$1,000$2500.6%
Marketing [11]$500$1250.3%
Management Fee (4%) [12]$7,170$1,7934.0%
Reserves [13]$800$2000.4%
Other / SCEP [14]$454$1140.3%
Total Expenses$61,219$15,30434.2%
Net Operating Income$118,037$29,50965.8%

Property taxes shown at current assessment ($12,714). Reassessed at purchase price: see note [1].

Notes to Operating Statement

[1] Property Taxes: Shown at current Prop 13 basis ($12,714). At $2.35M purchase, reassessed to ~$27,495 (1.17%). Buyer's actual NOI adjusts by -$14,781.

[2] Insurance: $4,000/yr per seller estimate ($1,000/unit). Buyer should obtain independent quotes; wildfire and earthquake riders may add $1,000-$2,000.

[3] Water / Sewer: $4,800/yr ($1,200/unit). Landlord-paid; all utilities included in rent.

[4] Trash: $1,600/yr ($400/unit). LA Bureau of Sanitation service.

[5] Gas: $2,400/yr ($600/unit). Landlord-paid; shared metering on 3 meters.

[6] Electric: $3,600/yr ($900/unit). Landlord-paid; 3 meters (Units 3 & 4 share).

[7] Common Area: $1,500/yr. Exterior lighting, common spaces.

[8] Repairs & Maintenance: $4,400/yr ($1,100/unit). Below benchmark due to full 2024-2025 renovation; all systems new.

[9] Contract Services: $1,500/yr. Landscaping, pest control for a small residential lot.

[10] Administrative: $1,000/yr. Accounting, legal, miscellaneous.

[11] Marketing: $500/yr. Minimal in strong rental market with organic demand.

[12] Management (4%): $7,170/yr. Included for normalization; many 3-4 unit buyers self-manage.

[13] Reserves: $800/yr ($200/unit). Reduced from standard due to all-new systems.

[14] Other / SCEP: $454/yr. Sewer Capacity Enhancement Program.

Summary
Operating Data
Price$2,350,000
Down Payment (25%)$587,500
Number of Units4
Price / Unit$587,500
Price / SF$540
Gross Building SF4,350
Lot Size7,000 SF
Year Built1926 / 2005
Returns (Reassessed)
Cap Rate5.04%
GRM12.72x
Cash-on-Cash-3.17%
DSCR0.86x
Financing
Loan Amount$1,762,500
Loan Type30-Yr Fixed (Fannie/Freddie)
Interest Rate6.75%
LTV75%
Annual Debt Service$137,178
Income
Gross Scheduled Rent$184,800
Less: Vacancy (3%)-$5,544
Effective Gross Income$179,256
Cash Flow (Reassessed)
Net Operating Income$118,549
Less: Debt Service-$137,178
Net Cash Flow$-18,629
Year 1 Principal Reduction$18,784
Expenses (Reassessed)
Property Taxes$27,495
Insurance$4,000
Water / Sewer$4,800
Trash$1,600
Gas$2,400
Electric$3,600
Common Area Electric$1,500
Repairs & Maintenance$4,400
Contract Services$1,500
Administrative$1,000
Marketing$500
Management Fee (4%)$7,170
Reserves$800
Other / SCEP$454
Total Expenses$60,707
Suggested List Price
$2,350,000
$587,500Price / Unit
$540Price / SF
5.04%Cap Rate
12.72xGRM

Pricing Matrix

Purchase PriceCap RateCash-on-Cash$/Unit$/SFGRMDSCR
$2,500,0004.67%-4.66%$625,000$57513.53x0.80x
$2,475,0004.73%-4.43%$618,750$56913.39x0.81x
$2,450,0004.79%-4.19%$612,500$56313.26x0.82x
$2,425,0004.85%-3.94%$606,250$55713.12x0.83x
$2,400,0004.92%-3.69%$600,000$55212.99x0.84x
$2,375,0004.98%-3.43%$593,750$54612.85x0.85x
$2,350,0005.04%-3.17%$587,500$54012.72x0.86x
$2,325,0005.11%-2.90%$581,250$53412.58x0.88x
$2,300,0005.18%-2.63%$575,000$52912.45x0.89x
$2,275,0005.25%-2.35%$568,750$52312.31x0.90x
$2,250,0005.32%-2.07%$562,500$51712.18x0.91x
$2,225,0005.39%-1.77%$556,250$51112.04x0.92x
$2,200,0005.47%-1.48%$550,000$50611.90x0.94x
$2,175,0005.54%-1.17%$543,750$50011.77x0.95x
$2,150,0005.62%-0.86%$537,500$49411.63x0.96x
$2,125,0005.70%-0.54%$531,250$48911.50x0.98x
$2,100,0005.78%-0.21%$525,000$48311.36x0.99x
$2,075,0005.87%0.12%$518,750$47711.23x1.01x
Expected Sale Range
$2,000,000 - $2,200,000

Pricing Rationale

The offering price of $2,350,000 is supported by a Chase appraisal dated August 14, 2025. The property's buyer-normalized gross scheduled rent of $184,800 per year produces a GRM of 12.7 - meaningfully below the renovated comparable average of 15.0. This means the buyer acquires 15% more rental income per dollar invested than the average comparable transaction. The price per unit of $587,500 is 13% below the renovated comp average of $672,917, providing further margin for the buyer.

The expected sale range of $2,000,000 - $2,200,000 reflects the MLS market reality where buyers may apply a discount relative to the appraiser-selected comps, particularly given the subject's smaller building size (4,350 SF vs. 5,000-5,800 SF for the appraiser comps) and the unpermitted JADU. Within this range, the subject still delivers a GRM of 10.8-11.9x and cap rates of 5.5-6.1% on a reassessed basis - attractive for a turnkey, transit-adjacent residential asset.

Assumptions & Conditions: All rents based on current/asking rates as of February 2026. Vacant Unit 2 shown at $4,200 market asking rent. Expenses estimated from benchmarks and seller-provided data. No T-12 operating statement available. Insurance at $4,000 per seller estimate. Management fee included at 4% of EGI for normalization. JADU (Unit 4) is unpermitted; income from this unit may not be recognized by all lenders. All utilities are landlord-paid. Financing terms are estimates and may vary by borrower profile and lender. Property taxes reassessed at purchase price per California Proposition 13.